Issue of Equity

Scottish Oriental Smlr Co Tst PLC
11 February 2004

THE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC

First State Investment Management (UK) Limited, Secretary to Scottish Oriental
Smaller Companies Trust Plc, announce that 13,452 new Ordinary shares of 25p
each were allotted on 4th February 2004 as a result of the exercise of 13,452 of
the Scottish Oriental Smaller Companies Trust Plc warrants. The total issued
capital has therefore increased to 25,482,502 Ordinary shares and the warrants
in issue have reduced to 4,731,148.

Dealings in the 13,452 new shares are expected to commence on 12th February
2004.


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